What growth? The GDP numbers don’t account for the first-hand accounts of pain and suffering

The latest salvo from the Centre on the shock and awe demonetisation excercise is that the move did not have an adverse impact on India’s buoyant economic growth story. This is contrary to the pessimistic expectations of economists, statisticians and bankers the world over – and not just those from the Left – that the sudden withdrawal of 86% of the currency in circulation before November 8 would cripple the country’s economy.